This is why I love the fib retracements, SPY hit the 100% extension of the prior move on the nose yesterday so we have an ATH at 515.89 plus the overnight ATH pre-market at 516.80. We should expect the market to want to test that pre-market high. 520 is the next target for bulls, bears need 512. So for today we’re going to see if price can trade outside yesterday’s range or in.

1) Above 515.89 target round numbers up to 520
2) Below 515.89 look for support at 515, 514, 513. Price likely to trade 514-516 if consolidation is the outcome today.
3) Below 514 we have a bit of a spike area down to 512 so price could move quickly below 514, target 513 and 512 then if price trades below 512 we are inside Weds price action target the low around 508.50

William Wallace